Introduction to Managerial and Cost
Accounting Concepts
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MBA 700 Bai Intro to Managerial and Cost Accounting Concepts
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What is the primary role of management accountants? To provide information for planning, controlling operations, and decision making.
How has the role of management accountants evolved? They are now expected to have expertise in cost management, performance
measurement, and risk management, rather than just compiling reports.
What are the major functions performed by managers? Planning, directing and motivating, controlling, and decision making.
, What does planning involve in management? Establishing goals and specifying how to achieve them.
What is the purpose of directing and motivating in To mobilize people to carry out plans and run routine operations.
management?
What does controlling involve in management? Gathering feedback to ensure that the plan is being executed properly or
modified as necessary.
What is the decision-making function of managers? Selecting a course of action from among competing alternatives.
What is a budget in the context of managerial A quantitative plan for acquiring and using financial and other resources over a
accounting? specified future time period.
Who is the controller in an organization? The manager in charge of the accounting department.
What is the difference between managerial accounting Managerial accounting provides information for internal decision-making, while
and financial accounting? financial accounting provides information for external stakeholders.
What are some key components of managerial Comparisons of actual results to plans, updates on key indicators, and reports
accounting reports? investigating specific problems.
Why is ethics important for management accountants? They must adhere to a high standard of professional ethics due to increasing
scrutiny and the potential consequences of breaches.
What are the typical standards included in codes of Competence, confidentiality, integrity, and credibility.
professional ethics for management accountants?
What is the significance of corporate governance in It ensures accountability and transparency in the management of an organization.
managerial accounting?
What is corporate social responsibility in the context of The obligation of organizations to consider the interests and welfare of
managerial accounting? stakeholders, including society and the environment.
How do management accountants add value to an By providing insights that help improve efficiency, reduce costs, and enhance
organization? decision-making.
What is lean production? A methodology that focuses on minimizing waste within manufacturing systems
while simultaneously maximizing productivity.
Accounting Concepts
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Add to calendar
Play your way to mastery with fun games
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Students also studied
From the same upload Flashcard sets Study guides
MBA 700 Bai Intro to Managerial and Cost Accounting Concepts
Study guide
sncnma
Terms in this set (314) Hide definitions
What is the primary role of management accountants? To provide information for planning, controlling operations, and decision making.
How has the role of management accountants evolved? They are now expected to have expertise in cost management, performance
measurement, and risk management, rather than just compiling reports.
What are the major functions performed by managers? Planning, directing and motivating, controlling, and decision making.
, What does planning involve in management? Establishing goals and specifying how to achieve them.
What is the purpose of directing and motivating in To mobilize people to carry out plans and run routine operations.
management?
What does controlling involve in management? Gathering feedback to ensure that the plan is being executed properly or
modified as necessary.
What is the decision-making function of managers? Selecting a course of action from among competing alternatives.
What is a budget in the context of managerial A quantitative plan for acquiring and using financial and other resources over a
accounting? specified future time period.
Who is the controller in an organization? The manager in charge of the accounting department.
What is the difference between managerial accounting Managerial accounting provides information for internal decision-making, while
and financial accounting? financial accounting provides information for external stakeholders.
What are some key components of managerial Comparisons of actual results to plans, updates on key indicators, and reports
accounting reports? investigating specific problems.
Why is ethics important for management accountants? They must adhere to a high standard of professional ethics due to increasing
scrutiny and the potential consequences of breaches.
What are the typical standards included in codes of Competence, confidentiality, integrity, and credibility.
professional ethics for management accountants?
What is the significance of corporate governance in It ensures accountability and transparency in the management of an organization.
managerial accounting?
What is corporate social responsibility in the context of The obligation of organizations to consider the interests and welfare of
managerial accounting? stakeholders, including society and the environment.
How do management accountants add value to an By providing insights that help improve efficiency, reduce costs, and enhance
organization? decision-making.
What is lean production? A methodology that focuses on minimizing waste within manufacturing systems
while simultaneously maximizing productivity.
